What to Know and Consider About Pet Insurance

What to Know and Consider About Pet Insuranc Dog and cat owners are called “pet parents” for a reason. Our pets are dependent on us for everything including safeguarding their health. Current advances in veterinary technology have led to an increase in veterinary care costs. Last year it was projected that nationally pet care costs would equal $16.6 billion an increase of $7 million over the previous year according to this site.

Breaking the Costs Down​

Your dog or cat should see a veterinarian at least once a year. A routine office visit can
run between $45-50. Vaccinations and boosters cost about $18-$25 every two to four years. A yearly heartworm check is $18-$25 and testing for parasites (fecal exam) range from $25-$45 dollars.

As with humans, the medical needs of older pets are different and more expensive. Dogs and cats seven and older need a geriatric screening with an average price of $85-$110. You might pay as little as $70 and as much as $400 to have your pet’s teeth cleaned. Depending on whether it is a blood or skin test checking for allergies runs between $195 and $300 and we haven’t covered the big ticket items like surgery, arthritis and cancer treatment that can generate a bill that exceeds $3,000.

Is Pet Insurance Necessary?​

After reading the numbers above you can see here why pet insurance is one of America’s fastest-growing industries. In the US, 12 companies cover 1.4 million pets for an average monthly premium of $38. Still, some of you may wonder, “Is pet insurance necessary?”

There is no hard and fast answer to that question, but the answer may actually be “no” states. Ask your vet for their thoughts on pet insurance and do some independent research. What do you need to know and consider when shopping for pet insurance? You can see this here:

● Will the premium increase with your pet’s age?
● Does the policy cover a preexisting condition?
● Does the company offer multiple pet pricing?
● What are the coverage limitations?
Make sure you fully understand what your out of pocket expenses will be (co-pays
deductibles etc.).

Buying Pet Policy​

The applications for pet insurance are basically the same. You’ll be asked if your pet is a dog or cat, your pet’s name, sex, age, and breed. Some applications ask if your dog is a purebred and about preexisting conditions like diabetes or Addison’s disease.

The decisions you’ll have to make are pretty much universal. You’ll have a list of deductible and co-pay options. After the policy is purchased you pay the premiums monthly.

Using Your Pet Policy​

Take your pet to the vet of your choice. You pay the whole bill at the time of service and get reimbursed by the insurance company. One big important difference between insurers is the rate of reimbursement. Some companies cover 1/6 of a $3,000 bill.